Aug 8, 2023
Premium Bonds: Chances rise of winning leading prizes
The chances of winning some of the biggest Premium Bonds prizes have increased to their highest level for more than 15 years. Premium Bonds offer the chance of winning tax-free money through monthly prize draws instead of regular interest. Savers have been drawn towards better returns from other savings providers recently, despite eight increases in the generosity of Premium Bonds in the last year. The effective interest rate of 4.65% is still lower than than leading rate of 5% on easy-access accounts, and even better returns on other deals which lock-in savers' money. The changes mean there will be an estimated 181 Premium Bonds prizes of £50,000 given in September, up from 154 in August.
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